Facing the latest impacts of cyber-crime: cyber insurance premiumsincreasefor businesses
As Australian businesses are forced to adapt to a new normal yet again, a different type of challenge continues to brew under the surface.
Cyber crime may not be new news, but the recent surge of cyber attacks, and the severity of these attacks means businesses can no longer afford to ignore this very real threat.
Recent increases in cyber crime have significantly impacted the cyber Insurance market too, leading to an increased number of claims which has resulted in driving up insurance premiums, and insurers even having to limit coverage in some areas.
The current cyber landscape
While cyber crime skyrocketed immediately after COVID-19, the reality is that the possibility of businesses suffering from attacks has been present for many years.
Not only is cyber crime constantly on the rise, one form of cyber attacks, in particular, have seen especially high instances in the last year – ransomware attacks.
In 2020, the number and variety…
